Rep Feenstra Leads Legislation to Help Iowa Farmers Buy Precision Agriculture Equipment

Reps Randy Feenstra (R-IA) and Jimmy Panetta (D-CA) introduced the Precision Agriculture Loan Program Act, which would establish the first-ever federal precision agriculture loan program in the U.S. Department of Agriculture’s Farm Service Agency. More specifically, this legislation would offer loans up to $500,000 between 3 and 12 years in length at interest rates of less than 2 percent and create a list of acceptable precision agriculture technologies approved by the Farm Service Agency and covered by the USDA. This funding would also allow farmers to retrofit existing equipment with new technologies.